The operators of CatchOfTheDay, Scoopon and Groceryrun.com.au say they’re on track to double revenue this financial year, with strong sales growth recorded across all three businesses.
Year-to-date group revenue is up 100 percent on September 2010 figures, with revenue likely to total $250 million for FY 2011/12, more than double its FY 2010/11 revenue of $120 million.
“Sales growth has been very strong across all businesses. It’s amazing when you think that we are on track to post revenues of $250M, which is more than a quarter of what Target recently reported ($835M). Not bad for an online retailing site started five years ago by two brothers. Just goes to show that often the simple ideas are often the strongest,” co-founder Gabby Leibovich said.
CatchOfTheDay is also enjoying a rise in traffic, up 7 percent compared with 2010, and the group is seeing around 4,000 new customers sign up each day. In total, the group has over 1.5 million members who purchase an item every 3 seconds.
Leibovich said he now employs over 300 people and will explore some new markets in the next 12 months, “especially those where we can be a disruptive force and bring better value to shoppers.”
The first new site to be launched in the new-year is Brandstreet.com.au, which will offer branded fashion apparel and footwear.